ECONOMIC SITUATION IN GERMANY.

Horowhenua Chronicle, 12 September 1934, Page 5

ECONOMIC SITUATION IN GERMANY.

FROM BAD TO WORSE. NO CONFIDENCE IN OWN ( CURRENCY. (By Telegraph-Press Assn. —Copyright). Received Tuesday, 7.5 p.m. ! LONDON, Sept. 11. Judging from all accounts, Germany’s economic situation is going from bad to worse. The latest development is the closing of the special Bank of England account of the German Reichsbank.

The Daily Express’ city editor says it was hoped ttyat marks in the Bank of England would be purchased by buyers of goods from. Germany and used in settlement for purchases, but the Ropes have not materialised and sender marks are now selling at a small discount.

The German Government has asked German exporters to accept payment in new marks,. but the Germans have no •confidence in their own currency; so it will not be surprising if the British arc equally reluctant.

Control of 'Basic Products

Received Tuesday, 7.5 p.m. _ BERLIN, Sept. 11

Dr*. Sehacht now controls 25 bureaux, covering all basic products, including food, clothing, coal, wood, chemicals and fodder; also luxury articles. Commodities which can be entirely eliminated will disappear from the market; thus it will soon be impossible to purchase chewing gum. Simultaneously substitutes for native products will be marketed, such as German tobacco.

Barter Argentina

ReceiA r ed Tuesday, 7 p.m. BERLIN, Sept. 10

Negotiations by the German trade mission to Argentina are nearing a conclusion and it is understood that a number of agreements are in sight for the exchange of German coal, chemicals, dyes and electrical goods for Argentine wool and grain. This is the first of several German missions which arc being planned to various countries to increase German exports and provide her With raw materials.